IMF and World Bank are losing clout in developing countries | Mark Weisbrot | Comment is free | The Guardian

IMF and World Bank are losing clout in developing countries | Mark Weisbrot | Comment is free | The Guardian.

 

And that is perhaps the greatest significance of this fight: developing countries are beginning to organise within the World Bank and the International Monetary Fund in order to change policies. These two institutions have been controlled by Washington, with varying amounts of input from other rich countries, since their founding nearly seven decades ago. Many of their policies have been harmful to developing countries. But in contrast to the World Trade Organisation – where developing countries form blocs and fight for their interests – the world’s majority has mostly let the rich countries run the show in the IMF and World Bank.

Over the past decade the IMF has lost most of its power in developing countries and, as a result, Washington has also lost its most important avenue of influence over their policies. The middle-income countries of Asia, most of Latin America, Russia and others all made sure that they would never have to borrow again from the fund.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s